I came across this forum by chance and read the many stories shared here. I’m inspired to share my own story and hope it will provide some lessons for many here, especially the young adults who just started their career.
I came from a middle income family and lived in a
HDB flat, like many Singaporeans. From young, I knew I wanted to excel in my life. I listened to my parents and teachers and studied diligently. I did very well in the
PSLE and was among the top 10% of my cohort. I got into a top secondary school and subsequently went to a top JC. I got into to the local university and finally got a good honours degree. I had a great job after graduation and progressed in my career. I moved to different companies which opened up new opportunities.
Life was excellent, so I thought. It came crumbling down two years ago. I had to quit my last job due to reasons I do not want to discuss here. I tried everything I could to get a new job but at the age of 47 and being in a senior role before, it was impossible to get one. I was too experienced and in most cases, I sensed the younger hiring managers were insecure.
Finally, I had no choice but to downgrade from my terrace house, which I bought many years earlier using my big bonuses, to a condo. I cleared my car loan, personal loans and all other obligations. I then set up a personal investment fund using my life savings and the net cash from the sale of my terrace. My family is understanding and gave me their full support. My wife is very supportive of my new direction and she is happy that I am now at home more often and able to help her with raising our children. In the past, most of the household duties and taking care of the children were done by her because of my late working hours and overseas travels. Now, these duties are shared. I am now a very active, caring father. My wife is also delighted that I’m able to send and fetch her from work every day. She no longer has to travel on public transport, which was a real chore to her. This new situation makes my wife less tired, less stressed, less worried, more relaxed and more energised.
Financially, we are managing well. We are now debt free and I am earning $75,000 pa from dividends and trading gains. My wife has an annual salary of $105,000. We now earn $180,000 pa in total. Our expenditures are reduced significantly as there is no more loan and mortgage repayments and we are now more prudent in our purchases. Now our shared expenditure is only about $120,000 pa, a lot lesser than it used to be. Even though we spend less on things, we now experience a richer family life. We are in fact a lot happier than before.
Interestingly, I am now a millionaire whereas in the past, I was not because the definition of a millionaire is someone who has more than US$1 mil of investible assets and this excludes his primary home. In the past, my terrace house was worth a lot but I still had an outstanding mortgage and was living in it, so it was not taken into consideration as an investible asset. Now, I own a condo which is fully paid up and I have an investment portfolio worth more than US$1 mil.
Life is indeed a box of chocolate. I have never been so happy. I no longer need to report to a boss every morning and I am free to enjoy my condominium’s facilities any time. I am my own boss. My family loves me more because I am spending more time with them. Our quality of life is much higher. I am living a blessed life.